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Novak Corp.. follows IFRS and has the following amounts for the year ended December 31, 2020: gain on sale of FV-NI investments (before tax), $12,000; loss from operation of discontinued division (net of tax), $33,000; income from operations (before tax), $180,000; unrealized holding gain-OCI (net of tax), $9,000; income tax on income from continuing operations, $50,500; loss from disposal of discontinued division (net of tax), $59,500. The unrealized holding gain-OCI relates to investments that are not quoted in an active market.
Problem 1: Calculate income from continuing operations.
Financial Statement Analysis and Preparation
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